Common use of REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR Clause in Contracts

REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR. The Optionor hereby represents and warrants as follows in favour of the Optionee and hereby acknowledges and confirms that the Optionee is relying upon such representations and warranties in connection with the Exchange Option: (a) the Optionor is not insolvent, has not committed an act of bankruptcy, proposed a compromise or arrangement to its creditors generally, had any petition for a receiving order in bankruptcy filed against it, taken any proceeding with respect to a compromise or arrangement, taken any proceeding to have itself declared bankrupt, taken any proceeding to have a receiver appointed over any part of its assets, had any encumbrancer take possession of any of its property, or had any execution or distress become enforceable or become levied upon any of its property;